Scotland business

First Scottish gold sold for 'premium' price

Coins Image copyright Scotgold Resources
Image caption The rounds were stamped with the Scottish Gold Mark

The first gold to be commercially mined in Scotland has been sold at auction in Edinburgh.

Mining firm Scotgold Resources extracted the gold from 2,400 tonnes of ore which was taken from Cononish mine near Tyndrum.

The gold was sold in "rounds" stamped with the Scottish Gold Mark and a unique serial number.

The average price was £4,557.9 per ounce, which Scotgold said was a premium of 378% over current prices.

Richard Gray, the chief executive officer of Scotgold, said: "This unique and historic event is the first demonstration of our ability to attract a premium for Scottish gold.

"The next opportunity to show the continued support for this precious metal from the Highlands will be the conclusion of agreements with members of the Scottish jewellery trade, who appreciate the value that can be added to their products by the proven provenance of the stag's head Scottish Gold Mark."

News of sales will be published in the New Year.

Image copyright Scotgold Resources
Image caption The gold was mined from the Cononish mine near Tyndrum

The gold rounds were minted by Baird & Co Bullion Merchants and sold in a sealed bid auction.

The Cononish project was first launched nearly a decade ago but has faced delays as a result of falls in the price of gold, lack of finance and problems with planning permission.

Scotgold has a licence to look for gold in an area covering more than 4,000 sq km of the Highlands, and is confident that other deposits similar to Cononish can be found.

The price of gold has recovered this year, having slumped from about $1,770 an ounce in August 2012 to just over $1,000 last December.

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